Central Florida retail center to undergo major redevelopment
JLL Capital Markets arranged the $10.9M loan for the Ocala property through First Florida Integrity Bank
MIAMI, September 1, 2020 – JLL Capital Markets announced today that it has arranged $10.9 million in financing for the redevelopment of Pearl Britain Plaza, a Publix-anchored neighborhood shopping center in the central Florida community of Ocala, Florida.
JLL worked on behalf of the borrower, a Miami-based family office and American Commercial Realty Corp. (ACR), the developer, to place the seven-year, fixed-rate loan with First Florida Integrity Bank. Loan proceeds will be used for the redevelopment of the property.
The borrower plans on demolishing the existing Publix building at Pearl Britain Plaza that was constructed in 1991 and building a new 48,387-square-foot Publix supermarket with a drive-thru pharmacy anchoring the rebuilt 77,637-square-foot retail center. Publix has the No. 1 grocery market share in Florida. The redeveloped retail center will have improved visibility and access from all adjacent roads as well as a new façade, lighting and landscaping. All the existing tenants have shown their commitment to the project post-renovation by contracting to stay at Pearl Britain.
Located at the intersection of NE 35th St. and NE 25th Ave., Pearl Britain Plaza is in Ocala, which is approximately 85 miles north of Orlando and 90 miles southwest of Jacksonville. The asset benefits from continued population growth and limited competition in the submarket.
“We are very pleased to have developed a plan which allows Publix to continue to serve the local market and its residents with an upgraded facility and improved appearance,” said Rick Baer, ACR President.
“A highlight of our efforts was the cooperation with the local government in developing a plan that benefits the center’s business while preserving the natural area surrounding it,” added George Kleier, ACR’s Director of Leasing and Development.
Leasing Manager for the center, Justin Paul, pointed to the enthusiastic response he is receiving to the newly redeveloped spaces which will be available early in 2021.
The JLL Capital Markets team that represented the borrower was led by Managing Director Elliott Throne and Director Jesse Wright.
“The combination of a strong operator in ACR and a well-conceived business plan, led to a highly competitive lender field, even during a pandemic,” Throne said. “Once complete, this renovated Publix is in prime position to continue its exceptional sales trend.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About American Commercial Realty Corp.
ACR, headquartered in Palm Beach Gardens, Florida, is an experienced and opportunistic investor and operator of income-producing real estate properties throughout much of the United States, with an emphasis on open-air shopping centers and multi-family redevelopments. ACR and its affiliated entities own and/or operate more than 2 million square feet of properties. Its principals have more than four decades of experience in commercial real estate. For further information, visit AmComRealty.com.
About First Florida Integrity Bank
Headquartered in Naples, Florida, First Florida Integrity Bank currently has seven full-service offices and $1.65 billion in assets as of March 31, 2020. For more information, contact First Florida Integrity Bank at 239-348-8000, or toll free at 877-763-0244 or visit the bank’s website at firstfloridaintegritybank.com.